Asia Green in Tampines up for sale at indicative price of S$470m

by Albert02

Asia Green in Tampines up for sale at indicative price of S$470m

Asia Green in Tampines up for sale at indicative price of S$470m. ASIA Green, a premium Grade A commercial development located at 7 and 9 Tampines Grande, has been put up for sale through an expression of interest (EOI) exercise at an indicative price of S$470 million, or S$1,645 per square foot based on total net lettable area.

The property, which was built in 2009, consists of two blocks of eight-story office towers linked by a double-volume entrance lobby, with retail and food and beverage units on the ground floor, according to a joint marketing statement issued by Cushman & Wakefield and JLL Singapore on Friday (May 20).

Asia Green has an existing strata subdivision approval with 23 separate strata titles and a total strata area of 319,249 sq ft on an 86,110 square foot (sq ft) lot with a total net lettable area of 285,559 sq ft, giving the buyer the option of holding the property as a whole or selling individual strata floors.

In April 2019, privately held Evia Real Estate Management and listed Metro Holdings paid S$395 million for the 99-year leasehold development.

According to Shaun Poh, executive director of capital markets at Cushman & Wakefield, Asia Green is the only Grade A office building in the Eastern Region and likely one of only three premium Grade A suburban office buildings in Singapore. It is also “future-proofed,” he says, with a strong emphasis on sustainable green building features, as evidenced by its Green Mark Platinum status.

“This sale provides investors with rare access to a core Grade A suburban commercial asset with immediate income yield from a roster of high-profile tenants, including Hitachi Asia, NCR Asia Pacific, Aldwych International, BNP Paribas Wealth Management, and Sysmex Asia Pacific,” said Heather Liew, senior director at JLL.

According to the agents, the property, which recently completed an asset enhancement initiative to the main lobby areas, is well-connected via both private and public transportation, with the Tampines MRT Interchange Station a short walk away and connecting commuters to both the East-West and Downtown lines. Further up in Ang Mo Kio will be the new project AMO Residence.

The Asia Green Expression of Interest period will end at 3 p.m. on June 28.

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